CoreWeave Reports Q3 2026 Revenue Growth of 168% Driven by AI Cloud Demand
CoreWeave (CRWV) delivered a massive third-quarter performance, reporting $3.66 billion in revenue—a 168% year-over-year increase fueled by intense demand for its specialized AI cloud platform. The company's adjusted operating income reached $379 million, significantly outperforming management's previous guidance of $200 million to $260 million. This growth is supported by a record revenue backlog of $132.5 billion and an active IT load footprint that has doubled since late 2025. Despite reporting a net loss of $709 million due to heavy infrastructure investments, the company's financial health shows signs of scaling efficiency with an adjusted EBITDA margin of 62% and $2 billion in operating cash flow. Management raised its full-year 2026 revenue guidance to between $13 billion and $13.3 billion, citing strong conversion of backlog into active power capacity.
Tickers: $CRWV
Topics: AI cloud platform capital expenditures EBITDA operating income revenue growth